Tag Archives: Consumers


The Cost of Caretaking: ACCC Survey Finds Nearly 6 Out of 10 Consumers Financially Support Their Parents Or Young Adult Child

Boston, MA (PRWEB) August 13, 2014

According to a recent survey by national financial education nonprofit American Consumer Credit Counseling, nearly sixty percent of Americans are providing some form of financial support to either their elder parents or young adult children by means of housing, living expenses, and transportation.

These results come on the heels of a recent report detailing a three-fold increase in the number of adults taking care of aging parents over the past 15 years; a similar online poll by ForbesWoman and the National Endowment for Financial Education shows that 59 percent of parents provide support to their adult children who are no longer in school.

“In today’s economy, many middle-aged consumers are getting hit twice as hard when it comes to financially supporting family members,” said Steven Trumble, President and CEO of American Consumer Credit Counseling. “Amid rising college tuition costs and the sharp increase in elder care services, some consumers are forced to make tough financial decisions and delay their own financial goals.”

For the 56 percent of consumers indicating they play a financially supportive role in their loved one’s life, nearly 20 percent stated they are unable to pay off their debts or are accruing more debt because of it and 12 percent have delayed retirement.

“Whether it’s an aging parent or a child returning from college, the expenses can hit hard and have a long-term effect on your own financial situation,” said Trumble. “By working together to determine a financial plan that works for everyone, consumers can help prevent future financial damage while also providing their loved ones with the short-term support they need.”

The results from the ACCC survey supports a poll released by Caregiver Action Network that shows the average family caregiver for someone 50 years or older spends $ 5,531 per year on out-of-pocket caregiving expenses. On average, $ 303,880 is lost in lifetime wages and retirement benefits should a child opt to serve in the caregiving role.

According to the ACCC survey, 81 percent of those supporting aging parents and 59 percent of those assisting adult children indicated they help financially with living expenses and bills, while very few cited support for paying credit card debt.

When it comes to student loans, nearly 25 percent of parents are financially contributing to their child’s college debt. However, according to one recent poll by Sallie Mae, 85 percent of parents plan to offer their children monetary aid after graduation and a third of parents plan to provide their grad with financial assistance for up to six months, while 50 percent of parents plan to foot the bill anywhere from six months to more than five years.

“With the average college graduate taking on nearly $ 30,000 in student debt, it’s no wonder they are returning home to save on expenses,” said Trumble. “Although they may not be able to contribute financially, there are other ways that these young adults can help out mom and dad such as assisting in household chores or even preparing dinner.”

The caregiver survey is the most recent in a series of online polls asking consumers about timely topics related to money management, budgeting, identity theft, and spending habits. For the full results and access to an infographic detailing the highlights of the survey please visit: http://www.consumercredit.com/financial-education/infographics/the-cost-of-supporting-adult-children-or-elders.aspx    

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

    For credit counseling, call 800-769-3571
    For bankruptcy counseling. call 866-826-6924
    For housing counseling, call 866-826-7180
    Or visit us online at ConsumerCredit.com

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday personal finance issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the Association of Independent Consumer Credit Counseling Agencies. To participate in this month’s poll, visit ConsumerCredit.com and for more financial management resources visit TalkingCentsBlog.com.


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Fraudulent Hot Tub Sales Leaving Consumers Washed Up!

(PRWEB UK) 3 July 2014

There’s nothing better than shopping online, it can save time and money, if you ensure you have the right safeguards in place.

When purchasing high ticket items, such as a hot tub, its always advisable to protect yourself against possible online fraud.

BISHTA, The British and Irish Spa and Hot Tub Association, advises consumers that when purchasing a hot tub, they should look for an established supplier who operates from premises you can visit and one that keeps stock of both hot tubs and spares in the UK. BISHTA is a Trade Association established by the industry to ensure Safe Spa Water, to develop industry standards and to ensure that customers are given the best possible advice. BISHTA is recognised by the HSE (Health and Safety Executive) and Public Health England and contributed to the HSE/HPA (now Public Health England) publication Management of Spa Pools published in 2006.

BISHTA recommends that consumers should ideally always ask to see the products that they are intending to purchase. If this is genuinely not possible, they should talk directly with other customers who have bought these products, for a recommendation. It can be tempting to purchase a hot tub online, with some prices seeming, too good to be true. BISHTA advises that they usually are! Sadly, there are occasions when customers have bought products from companies that are not BISHTA members, especially on the internet, thinking they are getting a great bargain, only to be totally let down by poor quality products, or shoddy after sales service. In the longer term, this can end up costing even more money as a result of not asking the right questions from the outset.

Buying from a BISHTA member, either from their show room, on their internet site, or from an exhibition, helps ensure that the end user gets the best advice and can find the item that they wish to purchase that suits their needs and budget requirements. BISHTA members are suitably trained and experienced to provide knowledge about the products and most importantly the water treatment regime that is needed to safely maintain the spa or hot tub. BISHTA members are expected to work to industry standards and to abide by a Code of Ethics, to give consumers peace of mind.

To assist customers make informed choices about buying a spa or hot tub, BISHTA offers the following tips:

1.    Make sure you know what you want the spa or hot tub for as this may influence the equipment that you need. For instance, is it for fun, medical reasons or relaxation?

2.    Confirm what water treatment is required, so that you can be sure that you know how to maintain the water chemistry for the safest way to relax and enjoy yourself. Anyone that does not offer you this advice should be avoided at all costs, as they may be putting you and your family at risk.

3.    Clarify what features you will be getting in terms of number of seats, number and style of jets, entertainment systems available.

4.    All hot tubs will need a qualified Electrician to install an RCD for the power supply. Some Spas can then be plugged into a special socket with a special 3 pin plug and may only require a 13 amp power supply, depending on the heater and pump size. Always check this Power supply requirement very carefully with the retailer/supplier. Other hot tubs need to be hard wired into the mains, via the RCD and so you will need to ensure a qualified electrician is on hand to connect your spa or hot tub to the mains supply so that the new Hot Tub can be commissioned upon delivery.

5.    Clarify how the company will undertake some form of site survey, otherwise how do they know that your home can accommodate their product?

Hot tubs are good for health as well as relaxation and a good quality hot tub will give years of pleasure.

For further advice and guidance and more information about BISHTA, including details of its members, please visit http://www.bishta.co.uk and follow BISHTA for the latest news and advice on: http://www.facebook.com/PoolsHotTubs.

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